
Tougher this time

A number of PE executives - old enough to have seen several cycles – have commented on how difficult the fundraising environment is at present. “I thought my last fundraising [in 2004] was very difficult. Now that I am raising my current fund, the past experience almost seemed easy,” the senior partner of a regional buyout fund observed during a recent meeting. Different versions of this incident are recounted by other GPs as they take a timeout from the fundraising trail.
The numbers appear to confirm this story. Although LPs still need to find a place to park their capital and Asia remains an attractive growth market, provisional data from AVCJ Research shows that regional...
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